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Listings/Bel-Red TOD

Bel-Red TOD

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Executive Summary

The Bel-Red TOD offers one of the most sought-after development opportunities in the Puget Sound region. The site boasts over 61,000 square feet of developable land on a hard-corner across from a planned Light Rail Station. As far as a Bellevue mixed-use residential development sites – the Bel-Red TOD checks every box.

Residing on the edge of the 36-acre, $2.3 billion-dollar Spring District, Bel-Red TOD has immediate access to all major transit options, as well as immediate access to retail amenities.

As employers focus on downtown Bellevue, the Spring District and Redmond, the future use of the Bel-Red TOD will pull from each.

Transit-Oriented Development provides the most future-proofed development opportunities in the Puget Sound region. The Bel-Red TOD offers the perfect opportunity positioned between growth of Downtown Bellevue/Spring District to the West and Redmond to the East. Make sure to seize this opportunity to develop one of the most ideal blocks in Bellevue.

Site Details

Address
1600 132nd Avenue NE, Bellevue, WA
Parcel Number
272505-9198
Parcel Size
61,426 Square Feet
Zoning
Bel-Red Residential/Commercial Node 2

Development Details

Massed Unit Count
250–282
Height Limit
45’ Base Height/125’ Max
Average Unit Size
659-723 SF
Market Rental Rates
$2.93/SF
Submarket Vacancy Rate
3.2%

Opportunity

The East Link Extension will represent the biggest step in east-west connectivity for the Puget Sound region since the 520 Bridge was built in the 1960s. This extension includes ten stations that will serve Seattle, Mercer Island, Bellevue, Bel-Red, and Overlake in Redmond.

The project’s final design permit was approved in January 2016 by the City of Bellevue. Construction kicked off April 2016 with demolition of buildings in Bellevue to make way for the downtown Bellevue tunnel. In the summer of 2017, construction began on the I-90 bridge to build the light rail across the lake.

The East Link, slated to open in 2023, will drastically reduce commute times across Lake Washington and will decrease congestion on I-90. Eastside residents will have unprecedented access to Downtown Seattle, Seatac Airport, the University of Washington, and the northern suburbs.

The Bel-Red Station, located between 130th and 132nd Avenues NE, will be the ninth of the ten new stations along the East Link extension. This at-grade station will connect current residents to Seattle’s core and also lay the foundation for the Bel-Red community’s future growth and development.

The station’s construction will include a new Park-and-Ride facility for a minimum of 300 parking spaces as well as bicycle storage, lockers, and racks. These transit measures are all part of the City of Bellevue’s transit-oriented development project north of the station.

Adjacent to Future Bel-Red/130th Station

Start of Service: 2023

Location

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Bel-Red TOD

1600 132nd Ave NE
Bellevue, WA 98005
Units: 282
Price: Market

About the Area

The Bel-Red Corridor represents the ideal marriage of transit and urban development. Located between SR 520 and Bel-Red Road and extending from I-405 to 148th Avenue Northeast, Bel-Red is a major employment area for Bellevue and supports approximately 20 percent of the city’s total employment and more than 2,000 businesses.

One of Bel-Red’s largest developments will be the addition of two light rail stations, allowing the City to plan for transit-oriented communities around them. The East Link Light Rail will aid one of Bel-Red’s current projects, the Mobility and Infrastructure Initiative, by providing alternate modes of transportation to reduce current and future road congestion.

With downtown Bellevue to its west and residential neighborhoods to its east, the planned Spring District will bridge urban and residential communities in the Bel-Red area. The development of the Spring District will enable the area to capitalize on compact development, create a center for business and urban living, and enhance the opportunity to serve the region. The development goal is to create a walkable community with pedestrian scaled blocks, “green” streets, ground floor retail, and transit.

The Spring District is ideal for sustainable living and will support energy efficient buildings, storm water runoff capture and treatment, native vegetation, habitat restoration for, a centrally located transit station, and more.

By the year 2030, the Bel-Red area is projected to generate 10,000 new jobs and 5,000 new housing units. It will support better local and regional transportation connections through transit-oriented developments and the light rail extension. There will be new parks, trails, bike paths, and other amenities.

3,884

Number of Households (1 Mile)

$121,000

Average Income (1 Mile)

9,500

Current Population (1 Mile)

36.4

Median Age (1 Mile)

Contact Us

Exclusive Listing Brokers

Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of the Bel-Red TOD.

Direct: 206.414.8575

       
       

Direct: 425.736.5516